OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Unless you are a payroll expert, we strongly recommend using a payroll service. Here’s why: A small business owner who is concerned about growing his or her business doesn’t have the time to keep up with the rules & regulations of payroll, especially in a multi-state environment. Yes, all new businesses are concerned about the cost of a […]

Closing the year in QuickBooks is a “must do” step once your year-end is complete and/or once you have sent your file to your CPA. You want to ensure that data does not change and more importantly, make sure you don’t enter data into the wrong period inadvertently. It happens frequently and often creates more […]

When you realize you need bookkeeping help, how do you identify what is the best resource for your business? Call in your accountant (CPA)? Hire a bookkeeper? Engage a bookkeeping service, or bring in a QuickBooks consultant to evaluate your situation? Each option has different skill sets and different pricing. You don’t want to end […]

As cash flow gets tighter and tighter many small business owners look to the oldest form of commerce, the exchange of goods and services in lieu of cash. The fair market value of property or services received through barter is considered taxable income and the IRS wants to know about this and requires you to […]

Are you ever confused about how long keep financial records before discarding them? It’s a common question that small business have. Here are some basic guidelines, but keep in mind that the rules around record keeping can differ. In case of doubt, always check with your accountant or attorney. With the ability to scan documents […]

A client of ours (before becoming a client) lost $118,000 because they weren’t reviewing monthly statements. I’m going to tell you this story – one that is all the more heartbreaking because the business (a bakery) was already on the brink – but first, some basics every small business owner should know (but many don’t): […]

For eight years, the woman worked in accounts payable for a Catholic Archdiocese, gaining the trust of her superiors. Colleagues praised her quiet dedication and hard work, and noted that she prayed often. No one questioned the hundreds of checks she wrote at the archdiocese to cover small expenses, like office supplies and utility bills. […]

Health Insurance Deduction Did you know that for 2011, there is a self-employed health insurance deduction? Eligible self-employed individuals and S-corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. It’s not too late the claim the deduction if you’re eligible. Who is covered? The deduction includes premiums paid for […]